Megatherm Induction Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹416 Cr
- P/E
- 17.16
- ROE
- 15.80%
- PEG
- 0.84
- Price to sales
- 1.19
- Debt to equity
- 0.30
- 52W high / low
- ₹288 / ₹172
- Sales growth (5Y)
- 26.00%
- EBITDA margin
- 9.59%
- Net profit margin
- 7.01%
- Promoter holding
- 71.89%
- Sales (last year)
- ₹346 Cr
Incorporated in 2010, Megatherm Induction Ltd manufactures and sells Capital Equipments[1]
Guidance scorecard · Q4 FY26 call
What Megatherm Indu.'s management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
20–40%- Targeting 20-25% CAGR growth over the next 5-6 years, aiming to triple revenue and quadruple EBITDA.
- Transformers business projected to grow from ~INR40 crores currently to INR150 crores in FY28, and around INR250 crores in 2-3 years with new manufacturing capacity.
- Induction products expected to see long-term growth mainly from expanded global footprint, with initial inertia estimated to break in 1-2 years.
- Spares business expected to scale with installed base; currently around 20% of total business, projected to increase gradually as equipment ages.
- Plans to expand export markets, with export orders currently around INR150-200 crores, driving future growth.
2 more points from Megatherm Indu.'s call on revenue
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MarginsQ4 FY26 call
Up 2%+See what Megatherm Indu. said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Current FY26/FY27 CapEx includes setting up a fourth shed dedicated to transformers, estimated at around INR 20-25 crores.
- Additional CapEx planned over the next 2-3 years includes one big CapEx of around INR 30-35 crores to support growth towards INR 1,000 crores revenue.
- Marketing and HR expenses will increase to support expansion, aiming to become more professionally driven.
- CapEx funding will ideally come through equity or debt, not from working capital, to avoid cash flow issues.
- The company is eligible for government subsidies, including a 25% capital subsidy from MEITY, with around INR 3.5 crores due for FY25 investments.
2 more points from Megatherm Indu.'s call on capex
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FundraisingQ4 FY26 call
PlannedSee what Megatherm Indu. said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Current order book is around INR 430-450 crores.
- Export order book is approximately INR 150 crores.
- Domestic order book is about INR 250 crores.
- Transformer orders constitute around INR 80-85 crores of the total order book.
- Export orders are diversified across Middle East, Gulf nations (INR 50-60 crores), Africa, Southeast Asia, US, Sri Lanka, and SAARC countries.
- About INR 50-60 crores of export orders to Middle East may face delays due to geopolitical issues.
- Carryover induction orders are about INR 250 crores.
2 more points from Megatherm Indu.'s call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Megatherm Indu.
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Megatherm Indu.
Quarterly Results
Quarter-by-quarter operating performance
Financials of Megatherm Indu.
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 132 | 109 | 188 | 266 | 306 | 321 | 332 |
| Expenses + | 116 | 96 | 179 | 238 | 270 | 285 | 295 |
| Operating Profit | 16 | 13 | 9 | 28 | 36 | 36 | 36 |
| OPM % | 12% | 12% | 5% | 10% | 12% | 11% | 11% |
| Other Income + | 1 | 0 | -0 | 1 | 1 | 3 | 6 |
| Interest | 6 | 7 | 5 | 6 | 6 | 6 | 5 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 4 | 4 |
| Profit before tax | 8 | 4 | 2 | 20 | 28 | 29 | 32 |
| Tax % | 31% | 27% | 28% | 29% | 25% | 26% | |
| Net Profit + | 6 | 3 | 1 | 14 | 21 | 21 | 24 |
| EPS in Rs | 11.00 | 11.31 | 12.76 | ||||
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% |
Financials of Megatherm Indu.
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 19 | 19 | 19 |
| Reserves | 23 | 26 | 27 | 41 | 102 | 123 | 135 |
| Borrowings + | 42 | 43 | 40 | 43 | 36 | 33 | 35 |
| Other Liabilities + | 50 | 68 | 96 | 99 | 114 | 112 | 119 |
| Total Liabilities | 124 | 146 | 173 | 192 | 270 | 287 | 308 |
| Fixed Assets + | 44 | 43 | 40 | 58 | 64 | 77 | 77 |
| CWIP | 0 | 0 | 2 | 1 | 0 | 1 | 3 |
| Investments | -0 | -0 | -0 | -0 | 7 | 6 | -0 |
| Other Assets + | 80 | 103 | 131 | 133 | 199 | 203 | 228 |
| Total Assets | 124 | 146 | 173 | 192 | 270 | 287 | 308 |
Financials of Megatherm Indu.
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 4 | 14 | 17 | 26 | 23 | 16 |
| Cash from Investing Activity + | -3 | -5 | -3 | -20 | -37 | -20 |
| Cash from Financing Activity + | -0 | -6 | -7 | -3 | 36 | -10 |
| Net Cash Flow | 1 | 4 | 7 | 3 | 22 | -14 |
| Free Cash Flow | 1 | 13 | 16 | 7 | 10 | -3 |
| CFO/OP | 36% | 120% | 205% | 109% | 81% | 62% |
Financials of Megatherm Indu.
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 25 | 82 | 49 | 32 | 38 | 40 |
| Inventory Days | 180 | 256 | 166 | 129 | 133 | 152 |
| Days Payable | 108 | 139 | 91 | 77 | 69 | 67 |
| Cash Conversion Cycle | 97 | 200 | 124 | 84 | 102 | 125 |
| Working Capital Days | 17 | 6 | -24 | -28 | -15 | 4 |
| ROCE % | 15% | 9% | 30% | 27% | 21% |
Guidance history
How Megatherm Indu.'s guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
31 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +8.2% | 63% |
| Last 6 months | +1.7% | 49% |
| Last 3 months | +21.8% | 84% |
The price is 39.5% below its all-time high of ₹449.9 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 61 became 31.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Megatherm Indu.: 0.4 × 63 + 0.4 × 49 + 0.2 × 84 = 61, halved to 31 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Megatherm Indu.'s management said in earlier quarters
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